Kazakhstan and a consortium of Western oil companies developing the Kashagan oilfield signed the final agreement on the future of the project on Friday after more than a year of tense negotiations.
Posts from ‘October, 2008’
Despite the better than expected figures, Royal Dutch Shell shares fell more than 3%, in part because of lower than expected production.
Royal Dutch Shell’s third-quarter profits ballooned by 71 per cent to $10.9bn (£6.7bn), the company said yesterday, reigniting outrage that energy companies are cashing in while inflated oil prices punish consumers.
Along with the rest of the market, Shells share price has nosedived recently. Nevertheless, investors scouting for value in beaten-up blue chips could do worse than take a second look at this FTSE stalwart.
Practically speaking, therefore, it is easier for Shell to ease off in Canada during a period of uncertainty than in many other countries.
Even as Exxon Mobil Corp. and Royal Dutch Shell PLC reported another round of enormous profits Thursday, Shell said it will postpone the expansion of a big energy project, in a sign that plunging crude prices and high costs are raising concerns among executives of the world’s largest oil companies.
The move is the latest in a line of project deferrals among companies active in squeezing crude from Alberta’s bitumen-soaked soil in a trend that is dimming Canada’s energy production outlook.
A final decision on investing in the second phase of Athabasca in Alberta was due next year, but Shell chief executive Jeroen van der Veer said yesterday that approval had been delayed indefinitely. “We wait for costs to cool down before any new investment decisions,” he said.
Now, under Jeroen van der Veer, the stickler for asset efficiency installed in 2004, Royal Dutch Shell has become a metronomic earnings machine, beating consensus forecasts for nine straight quarters.
Royal Dutch Shell has delayed a planned investment in Canada’s oil sands, in the latest sign of companies adjusting their plans to reflect the global economic downturn and the fall in the price of oil.
Royal Dutch Shell Plc (RDSa.L: Quote) said on Thursday that it would delay its investment decision on a second expansion of its Athabasca oil sands project, the latest deferral sparked by falling energy prices and a global financial crisis.
Exxon Mobil Corp. reported a 58% increase in third-quarter net income, smashing its own record for quarterly profits, amid a $1.62 billion gain and high oil prices.
THE WALL STREET JOURNAL October 30, 2008, 8:00 am Posted by Keith Johnson Crude oil futures rose above $70 on the back of interest rate cuts in the U.S. and China as well as a weaker dollar, Bloomberg reports. Shell posted a 22% gain in third-quarter profit and said itsCFO will take the top job next year, both in […]
Royal Dutch Shell, which on Wednesday named Peter Voser, its finance director, to be its next chief executive, on Thursday showed some of the challenges that will face him as it reported third-quarter earnings that were less buoyant than those from rival BP earlier this week.
Royal Dutch Shell Plc, Europe’s biggest oil company, reported a 22 percent increase in third- quarter profit and said it will delay an investment decision on its Athabasca oil-sands project in Alberta because of costs.
Shell Class B shares closed at £16.70 ($27.70) Wednesday, a drop of almost a quarter from their peak in mid-May as concerns about the global economy have driven down the oil price.
LONDON — Royal Dutch Shell PLC named Chief Financial Officer Peter Voser as its new boss, rewarding a man who helped restore the Anglo-Dutch company’s battered reputation with investors after an accounting scandal in 2004.
LONDON, Oct 30 (Reuters) – Royal Dutch Shell Plc said on Thursday third-quarter current cost of supply (CCS) net profit jumped 71 percent to $10.9 billion, boosted by high oil prices and asset sales.
Even Royal Dutch Shell, commissioned to write a balancing view for the group’s report, is forecasting a plateau of supply as production moves to more difficult sources such as ultra-deeplayers and tar sands.
The oil group, which will announce its third-quarter results today, said the appointment had been made after a “comprehensive assessment and review of internal and external candidates”.
Skrebowski predicts that global oil production will peak in the period 2011-2013 and then decline steadily, with non-conventional sources such as tar sands failing to fill the gap in time to avoid a serious energy crunch.
Malcolm Brinded, the head of exploration and production, is skilled at dealing with governments, but was tarnished by Shells repeated writedowns of its reserves in the aftermath of the misreporting scandal that emerged in 2004.
Encouragement from inside and outside the company persuaded Mr Voser to abandon the idea of returning to Switzerland, which he had considered, and to put himself forward to replace Mr van der Veer.
Peter Voser’s appointment as chief executive of Shell suggests an effort has been made to draw a line under the murkiest episode in the company’s recent history.
The Anglo-Dutch group said that the appointment of Mr Voser came after a review of both internal and external candidates. He saw off two other Shell candidates: Linda Cook, the American head of Shell’s Gas and Power business, and Malcolm Brinded, the British head of exploration and production.
Like its peers, Shell has been spending with gay abandon but at $60 per barrel much of the industry’s new frontier has fallen below the water line. A new round of cost-cutting must be in the offing and who better to impose financial discipline in a downturn?
DAILY TELEGRAPH Royal Dutch Shell shares jumped 12pc after it revealed that chief financial officer Peter Voser will take over as the company’s chief executive next July. By Jamie Dunkley Last Updated: 6:51PM GMT 29 Oct 2008 Peter Voser, left, pictured with Jeroen van der Veer Photo: GETTY Mr Voser, 50, will succeed Jeroen […]
Voser was already one of the potential candidates back in 2007, when van der Veer announced his retirement, but there had been some hope that the head of North America, Linda Cook, would be announced as the company’s first female CEO.
The Board of Royal Dutch Shell plc today announced that Peter Voser will succeed Jeroen van der Veer as Chief Executive, effective 1 July 2009. Voser (50) is Chief Financial Officer and a Director of the Board since October 2004.
By Fred Pals and Eduard Gismatullin Oct. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said Chief Financial Officer Peter Voser will take over as chief executive officer from July next year. “I am delighted to announce Peter Voser as the next Chief Executive of Royal Dutch Shell,” Shell Chairman Jorma Ollila said today in a statement distributed […]
The Okoloma Gas Plant started supply of gas on 11 October, and commissioning of the second turbine of the Afam VI Power Plant is planned for early November.
Transformational engagement is a difficult concept to see in practice and perhaps even to grasp. The example Bowen uses is the relationship between Royal Dutch/Shell plc and Living Earth Foundation, an environmental education and advocacy group based in the United Kingdom. Living Earth works on a unique portfolio of projects that have set new standards in education, environment, and community development
LONDON — The slump in oil prices has spread relief among consumers and fuel-reliant industries, but also is squeezing the companies who could invest in new sources of oil — spurring concerns that prices will prompt them to shelve investments.
Along with Total, Royal Dutch Shell, which is heavily invested in Canada’s oil sands, is also weighing its interest in Nexen, according to banking insiders and oil executives
BP plans to make more job cuts than the 5,000 it has already announced, the oil groups chief executive said on Tuesday.
In response to the barrage of criticism, BP said that over the past three years it had paid more than £5bn in tax in the UK and, if fuel, excise duty and VAT were added, the total rose to almost £21bn.
BP was the second of the worlds largest publicly traded oil majors to unveil quarterly results. Last week ConocoPhillips announced a 41 percent increase in earnings. Exxon Mobil Corp. and Royal Dutch Shell are scheduled to release results Thursday, followed by Chevron on Friday.
The figures are likely to spark fresh protests from motorists and businesses that have been hit hard by higher petrol prices.
Oil and gas chief executives, a conservative lot, have shied away from using high energy prices to justify big deals. The collapse of the markets could spur them into action.
The major integrated oil companies report third-quarter earnings this week, with BP on Tuesday,Exxon Mobil and Royal Dutch Shell Thursday and Chevron Friday. Together, they are expected to report more than $35 billion in net income for the period…